Bitcoin has finally made a gigantic leap out of the range of uncertainty. The battle between the bears and the bulls at $10,200 – $10,435 had reached a stalemate during the weekend sessions. The momentum without a sense of direction while the bears stamped down their control limiting gains above $10,600.
At press time, we see Bitcoin having extended the gains above both the 50 Simple Moving Average (SMA) and the 50 SMA. The break above the hurdle at $10,700 finally completed the leg from $10,200. While the upside has stalled, the buyers are getting ready for the second leg above $11,000 and later $10,200.
Bitcoin Cash failure to break above $360 during the trading sessions last week. This left a gap that the bears wasted no time exploring. BCH/USD bearish action trimmed the gains first below the moving averages. The tentative support around the 38.2% Fib retracement level taken between the last drop from a high of $358.16 to a low of $267.35 close to $300.
The negative volatility surged sending Bitcoin Cash briefly under $270. A low established at $267.35 allowed the rebound above $300. The battle to break the resistance at $330 is yet to be won. Instead, Bitcoin Cash is trading sideways in a narrow range between the confluence created by the 50% Fib level and the 50 Simple Moving Average (SMA) and $330 hurdle.
Ethereum hovers above $200 following a new week’s price action. The weekend session was particularly bullish for ETH. The bulls managed to escape the bear range between $180 and $190. This price action set the ground for the breakout above $200 on Monday.
At the time of writing, Ethereum bulls have control over the price. However, the momentum has stalled $202.43 following a 3.15% rise on the day. The 50 Simple Moving Average one-hour is expanding the gap above the 100 SMA one-hour as a key indicator that the buyers will win the confrontation with a break above $205 (seller congestion zone).